Anna Forrester
Research and Markets predicts that the global Internet of Things security market will grow at a compound annual growth rate of 54.93 percent through 2019 .
The company said Friday its latest market report points to compliance with regulatory requirements among “smart cities” that use IoT technology as the main driver of growth in the market.
To avoid heavy penalties, companies implement network security measures to protect connected devices, which smart cities use for applications such as traffic control, water and waste management and home monitoring, the report stated.
Research and Markets cited these companies as key vendors in the global IoT security market:
- Cisco
- Infineon Technologies
- Intel
- Siemens
- Wurldtech
The report indicates that the main challenge to the market is the high implementation cost for IoT security software.
